Capital Gains Tax increase 2020: Will tax increase this year?

Capital Gains Tax increase 2020: Will tax increase this year?

Could Capital Gains Tax increase in 2020?

One of the measures under consideration is reforming capital gains tax so that it is paid at the same rate as income tax.

As a result, the tax on profits from selling assets would rise from 10 to 20 percent for basic-rate taxpayers.

The tax rate would also increase from 18 to 20 percent for profits on the sale of second homes.

For higher-rate and additional-rate taxpayers, the levy could rise from 20 percent on asset sales and 28 percent on property sales to 40 percent respectively.

Each increase in percentage point of Capital Gains Tax is estimated to make around $60 million.

Published at Tue, 01 Sep 2020 21:43:00 +0000